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Mr. SCHOCK. Thank you, Mr. Chairman.
Mr. Speaker, I wish to rise and offer a few facts. You know, there's been a lot of opinion going around here today, and we're all entitled to our own opinion, but we're not entitled to our own facts.
President Obama famously said: ``If you like your health care plan, you will be able to keep your health care plan, period.'' The Congressional Budget Office released the fact that 20 million people are expected to lose their health insurance coverage if this law stands--20 million Americans who currently have health insurance will lose it under this plan: Fact. Why? Because of bad provisions in the bill.
Seventy-one out of the Fortune 100 companies will save $422 billion by eliminating their employer-provided coverage and opt instead to pay the $2,000 per-employee penalty instead. It incentivizes bad behavior, precisely the opposite of the stated goal.
Another claim the President repeated was: ``Under my plan, no family making less than $250,000 a year will see any form of any tax increase.'' Yet the only reason ObamaCare was found constitutional, the primary reason that Chief Justice Roberts--joining with Stephen Breyer, Ruth Bader Ginsburg and Elena Kagan, along with Sonia Sotomayor--upheld the individual mandate is under Congress' taxing authority. The truth is 76 percent of those paying this new individual mandate tax in 2016 will in fact be individuals who make only $59,000, or a family of four who makes $120,000--far below the threshold, the promise, and the guarantee of President Obama's $250,000.
Finally, my friends on the other side of the aisle claimed health care spending would rise by a mere bargain of only $938 billion--there was much to-do, I remember, about then Speaker announcing it was below $1 trillion--yet the Congressional Budget Office has updated their number to cost $1.8 trillion just this next decade. For those reasons and more, we need to repeal this bill.
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